§ 5-5A-40 — Disposition of Deposit in Trust for Another Upon Death of Trustee

Whenever any deposit shall be made in any bank by any person in trust for another and no other or further notice of the existence and terms of a legal and valid trust shall have been given in writing to and received by the bank, in the event of the death of the trustee, such deposit or any part thereof, together with any interest thereon, may be paid to the person for whom said deposit was made, whether a minor or adult, and the receipt or acquittance of such person shall fully relieve and release said bank from all liability.

Legislative History

(Acts 1980, No. 80-658, §5-5-40.)